LITTLE THINGS THAT MATTER MUCH – Topic II: – DOCUMENTS SECURED? WHY, WHICH, HOW WHEN?

We are so particular about the pictures we take. Oh, they are beautiful memories & are to be cherished lifelong.

From having hard copies to digital ones, we save them all with utmost care sealed with love.

Can we say the same about our financial documents?

Why?

A survey done says that one in every four people tends to lose their documents and only 40% can locate their documents when needed.

Which Important documents?

Estate Papers, Deeds, Policy Documents, Will, Living Wills, POA, Physical Stocks (if any), Marriage Certificate, Birth Certificate, Divorce Papers, Adoption Documents, Passport, DLs, Investment Applications, etc.

How?

Physical and Digital both.

Just making multiple copies isn’t enough, putting them at different places is the trick. While the originals can find place in the safety deposit of your home or bank the copies could be kept at your home, office and even in sealed envelopes with the people you trust.

As for digitally holding them it is advisable to have all the important documents scanned. We also suggest having a ready list of all your account holdings and investments with proper account numbers and/or folio numbers. While they find a place in your PCs/laptops, external hard drives help too. Further, we also suggest that you have them mailed to your loved ones so that in case uncertainties strike you would not have to run around for a copy of the documents.

All digital holdings should be properly further secured with passwords which are easy for you to remember but difficult for others to crack. Sharing of passwords with one important person is advisable else all the effort would be fruitless after you are gone.

We suggest if you travel too often and especially when you are out with your family, keep a copy of all your holdings either with your CA or lawyer or any other person you blindly trust.

When?

When you don’t wait to update status on social media why should you wait for such a little thing that matters much?

Do it now, check with your spouse and friends if they have done their share.